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BITCOIN ATTACKS THE MOST IMPORTANT RESISTANCE – ANALYSIS - 08-01-2018

Bitcoin price provided strong positive trades in the previous days to attempt to breach the most important resistance at 16416.00, notincing that the price returns to decline to test the key support base formed above 15413.00 after breaching it previously, as it represents the meeting point of 50% Fibonacci level that was braeched previously with the bullish trend line that carries the price from 12050.00 areas.

Now, we believe that the chances are valid to resume the bullish trend in the upcoming sessions, and the price needs to breach 16416.00 again to confirm extending Bitcoin price gains towards 17658.00 as a next station, noting that breaching the last level will open the way to head towards the historical high recorded at 19666.00, while holding above 14409.00 represents key condition to continue the suggested rise.

Expected trading range for today is between 14000.00 support and 17658.00 resistance

Expected trend for today: Bullish

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